GOLDEN STATE MINING LIMITED — Capital/Financing Update 2023

Nov 19, 2023

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ASX ANNOUNCEMENT 20 November 2023

Up to 0.9% Li₂O in first-pass Paynes Find rock chips

Rock chip results confirm anomalous lithium soils & pegmatite mapping observations

Paynes Find (Li) Project

Paynes Find North - Significant lithium-rubidium-caesium assay results

First pass reconnaissance rock chips demonstrate encouraging pegmatites with LCT affinity over an area of broad anomalous geochemistry

Rock chip results include: 0.9% Li₂O, 0.3% Rb₂O & 178ppm Cs

Paynes Find Central

Widespread rubidium anomalism in rock chips up to 0.12% Rb₂O

Follow-up field work campaign to orientate and sample prospective pegmatites for drill planning

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Figure 1: Paynes Find North Rock Chip locations and results.

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Lithium, gold and base metals exploration company Golden State Mining Limited (ASX code: “ GSM ” or the “ Company ”) is pleased to provide rock chip assay results following a geochemical program conducted at its Paynes Find lithium project in Western Australia.

Golden State’s Managing Director, Michael Moore commented: “Despite the very limited fieldwork coverage thus far, GSM has already validated its original targeting criteria at the Paynes Find lithium project – a self-generated asset in the greater Murchison region of Western Australia.

These encouraging results come from a recent field trip which identified outcropping pegmatites and further enhanced the prospectivity of the project. This data provides the basis for a robust drilling campaign in 2024.

GSM looks forward to carrying out further fieldwork during this quarter, assisting drill-hole placement, target vectoring and updating shareholders as work progresses.”

Paynes Find (Li) Project

GSM has received assay results for 18 rock chip samples collected from a range of pegmatite outcrops at the Paynes Find North (Figure 1) and Paynes Find Central project areas (refer to ASX announcement dated 8 November 2023). These results were taken from a preliminary reconnaissance field mapping exercise only with no comprehensive sampling undertaken. The sampled rock chip locations were selected within areas previously highlighted by soils anomalous in lithium (Li), rubidium (Rb), caesium (Cs) and other lithium pathfinder elements (refer to ASX announcement dated 13 June 2023). A results table of significant elements and key element ratios is provided in Appendices 1 & 2.

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Figure 2: Paynes Find North Rock Chip Sample PFNR016 images on sub-crop.

Paynes Find North (E59/2660, 2661, 2662 & E59/2701)

At Paynes Find North, assay results for seven rock chip samples returned several highly encouraging results with significant lithium, rubidium and caesium values along with elevated tantalum and niobium. The best result was reported from rock chip sample PFNR016, which recorded a lithium assay approaching an ore grade of 4,170ppm Li (0.9% Li₂O), 2,650ppm Rb (0.29% Rb₂O) and 178ppm Cs. This sample (Figure 2) was collected from a weathered pegmatite sub-crop approximately 3 metres wide with a very coarse-grained K-feldspar-muscovite with opaque quartz pegmatitic mineral assemblage trending approximately 110 degrees east-southeast.

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Rock chip sample PFNR015 recorded 486ppm Li (0.1% Li₂O), 1,420ppm Rb (0.16% Rb₂O) and 112ppm Cs approximately 20 metres away from PFNR016. Field logging of this sub-crop consisting of 3 sub-parallel units (Figure 3) recorded a weathered, coarse-grained intrusive comprised mainly of K-feldspar and quartz also trending east-southeast.

Assay results (Appendix 1) from three other rock chip samples (PFNR010, PFNR011 and PFNR013) also recorded anomalous Li-Rb-Cs values along with elevated tantalum and niobium from various pegmatite outcrops. Rock chip sample PFNR013 was collected approximately 150 metres north of PFNR016 while PFNR010 & 11 were collected approximately 2.5 kilometres to the west in another Li-Rb-Cs soil anomalous envelope.

All these recent results are located approximately 6 kilometres north-northwest of previously reported rock chip results (Figure 4) recording Li-Rb-Cs anomalism with lithium pathfinder support (refer to ASX announcement dated 22 December 2022).

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Figure 3: Paynes Find North Rock Chip Sample PFNR015 images on sub-crop.

The assay results demonstrate the significant number of the mapped pegmatites at Paynes Find North are of lithium-caesium-tantalum (“LCT”) affinity, confirming the identified geochemical signatures from soil sampling. This interpretation is corroborated by several key element fractionation indices (Appendix 2), including potassium/rubidium (K/Rb), potassium/caesium (K/Cs), and niobium/tantalum (Nb/Ta) which have been used to assess the prospectivity of their pegmatite hosts. Fractionation indices from the rock chips vary from moderate to high. The samples with lithium > 180 ppm have K/Rb ratios ≤ 30 and Nb/Ta ≤ 0.7. The highest lithium contents in samples PFNR015 and PFNR016 had the most favourable fractionation indices, including K/Cs < 400. The consistency of these values with lithium results indicates the potential for a highly fractionated system that may contain economic lithium mineralization if pegmatites of sufficient size lie beneath the sampled outcrop.

Paynes Find Central (E59/2679)

Assay results from 11 rock chip samples (Appendix 1), collected from pegmatite sub-crops in another Li-Rb-Cs soil anomalous area at Paynes Find Central have also been received. Anomalous and elevated rubidium is reported in the majority of these samples with the most significant result of 1,060ppm (0.12% Rb₂O) from rock chip sample PFCR011.

Rock chip sample PFCR012 was collected approximately 800 metres to the east of PFCR011 and reported 1,050ppm (0.12% Rb₂O). No significant lithium anomalism is reported in these results.

Samples will now be submitted for preliminary mineralogical test work including XRD analysis to identify the mineral suite in these samples.

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Figure 4: Paynes Find Regional plan showing recent and previous geochemical results.

Target generation for the Paynes Find drill program (planned for Q1 2024) is now well advanced, with drill-hole placement and target vectoring to be directed by detailed field mapping and a more extensive rock chip sampling program scheduled for December 2023. This will involve grid pattern rock chip sampling and a structural mapping interpretation over anomalous soil and rock chip locations to determine the most prospective pegmatite orientation for drilling.

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goldenstatemining.com.au

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GSM Overview

Yule (Li) in the Pilbara’s Mallina Basin

Nomad lithium Prospect Li-Cs-Rb + As pathfinder footprint identified

• ~2km end of Hole Li-Cs-Rb bedrock anomaly from AC drilling

RC drilling follow up - 6m @ 421ppm Cs fr 103m

Balla Yule Prospect Li anomalism

Yule (Au-Base Metals) in the Pilbara’s Mallina Basin

Multiple gold targets in favourable structural setting 13km from the 9.5 Moz Hemi gold resource

Target 1 East - 4m @ 2.3g/t Au incl. 1m @ 7.6g/t

Yule East interpreted as a Kanowna Belle structural setting analogy

Paynes Find (Li) extensive lithium and pathfinder geochemistry anomalies generated

Southern Cross East (Au) Gold and pathfinder soil geochemistry anomalies generated

For further information please contact:

Mike Moore (Managing Director) on 08 6323 2384 Greg Hancock (Non-Executive Director) on 08 6323 2384 Email info@gsmining.com.au

ENDS

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FORWARD LOOKING STATEMENTS

BOARD OF

Managing Director

As a result of a variety of risks, uncertainties and other factors, actual events, trends and results may differ materially from any forward looking and other statements mentioned or implied herein not purporting to be of historical fact. In certain cases, forward-looking information may be identified by (without limitation) such terms as "anticipates", "believes", “should”, "could", "estimates", “target”, “likely”, “plan”, "expects", "may", “intend”, "shall", "will", or "would". Any statements concerning mining reserves, resources and exploration results may also be forward looking in that they involve estimates based on assumptions. Forward looking statements are based on management’s beliefs, opinions and estimates as of the respective dates they are made. The Company does not assume any obligation to update forward looking statements even where beliefs, opinions and estimates change or should do so given changed circumstances and developments.

Non-Executive Chairman

COMPETENT PERSONS STATEMENT

Non-Executive Director

Non-Executive Director

ISSUED

The information in this report that relates to lithium exploration results, is based on information compiled by Dr. Marcus Sweetapple who is a Member of the Australian Institute of Geoscientists (AIG). Dr. Marcus Sweetapple is a consultant to Golden State Mining Limited (GSM).

Dr. Marcus Sweetapple has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr. Marcus Sweetapple consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Information on previous explorers and historical results are summarised in the Independent Geologist’s Report of the Golden State Mining Limited Prospectus dated 22 August 2018.

This release was authorised by Mr. Michael Moore, Managing Director of Golden State Mining Limited.

REGISTERED

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APPENDIX 1: Paynes Find rock chip results

Tenement	SampleID	East	North	mRL	Li ppm	Li₂O (%)	Cs ppm	Rb ppm	K ppm	Ta ppm	Nb ppm
E59/2679	PFCR001	572,947	6,758,484	347	14	0.00	12	988	107,000	1.5	5
E59/2679	PFCR002	572,966	6,758,484	347	24	0.01	10	756	83,000	1.5	20
E59/2679	PFCR003	573,080	6,758,525	351	14	0.00	10	736	73,000	3.5	35
E59/2679	PFCR004	573,023	6,758,703	354	6	0.00	15	743	89,000	5.5	40
E59/2679	PFCR005	571,649	6,759,603	356	2	0.00	8	809	81,000	1.5	10
E59/2679	PFCR006	572,847	6,759,216	360	8	0.00	3	100	11,000	5	30
E59/2679	PFCR007	572,814	6,759,197	351	6	0.00	2	351	49,000	5.5	25
E59/2679	PFCR008	572,802	6,759,214	355	34	0.01	3	21	2,000	<DL	<DL
E59/2679	PFCR009	572,684	6,759,426	357	12	0.00	8	632	75,000	2.5	20
E59/2679	PFCR011	572,720	6,762,185	367	12	0.00	16	1060	86,000	8.5	20
E59/2679	PFCR012	573,542	6,762,247	351	12	0.00	13	1050	103,000	1.5	5
E59/2660	PFNR010	569,465	6,820,700	404	232	0.05	30	1570	48,000	57	40
E59/2660	PFNR011	569,115	6,821,355	382	182	0.04	44	2140	57,000	89	35
E59/2660	PFNR012	569,645	6,821,548	388	90	0.02	14	447	38,000	29	40
E59/2660	PFNR013	571,981	6,820,753	398	162	0.03	31	310	42,000	4	10
E59/2660	PFNR014	571,980	6,820,755	397	30	0.01	5	47	8,000	<DL	<DL
E59/2660	PFNR015	572,005	6,820,606	400	486	0.10	112	1420	42,000	186	50
E59/2660	PFNR016	572,007	6,820,589	403	4170	0.90	178	2650	38,000	42	30

APPENDIX 2: Paynes Find rock chip Fractionation Indices

	Li ppm	K/Rb	K/Cs	Nb/Ta
PFNR010	232	31	1600	0.70
PFNR011	182	27	1295	0.39
PFNR012	90	85	2714	1.38
PFNR013	162	135	1355	2.50
PFNR014	30	170	1600	n/a
PFNR015	486	30	375	0.27
PFNR016	4170	14	213	0.71

Anomalous Results are Lithium assay > 100 ppm or Rubidium results >500 ppm ppm (parts per million), <DL = less than detection limit Coordinates are in GDA94, MGAZ50

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JORC CODE, 2012 Edition - Table 1 Report - Payne’s Find Project

SECTION 1: SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code Explanation	Comments
Sampling	Nature and quality of sampling (eg cut channels, random chips, or	Rock chip samples collected from surface of	random
techniques	specifc specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole	sub-crop/outcrop areas and selected following feld inspection by qualifed feld geologists.
	gamma sondes, or handheld XRF instruments, etc). These
	examples should not be taken as limiting the broad meaning of	Samples collected from various interpreted Archaean	intrusive
	sampling.	lithologies with Lab Sample Preparation Code	PR103
		Sort/Dry/Pulverise <3kg & PR303 pulverising to 90%	passing
	Include reference to measures taken to ensure sample	75um.
	representivity and the appropriate calibration of any
	measurement tools or systems used.	Average sample weight range 2-3 kg. These samples delivered to
		Bureau Veritas, Perth.
	Aspects of the determination of mineralisation that are Material to
	the Public Report. In cases where ‘industry standard’ work has	Rock chip samples collected from approximate 10m2	area of
	been done this would be relatively simple (eg ‘reverse circulation	scree/sub-crop/outcrop.
	drilling was used to obtain 1 m samples from which 3 kg was
	pulverised to produce a 30 g charge for fre assay’). In other cases	Average sample weight range 2-3 kg.
	more explanation may be required, such as where there is coarse
	gold that has inherent sampling problems. Unusual commodities	Total digest analysis technique is a common and efective	analysis
	or mineralisation types (eg submarine nodules) may warrant	technique for this soil sample type in the Eastern Goldfelds terrain.
	disclosure of detailed information.
Drilling	Drill type (eg core, reverse circulation, open- hole hammer, rotary	NA Rock chip sampling only.
techniques	air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or
	other type, whether core is oriented and if so, by what method, etc).
Drill sample	Method of recording and assessing core and chip sample	NA Rock chip sampling only.
recovery	recoveries and results assessed.
	Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	Whether a relationship exists between sample recovery and
	grade and whether sample bias may have occurred due to
	preferential loss/gain of fne/coarse material.
Logging	Whether core and chip samples have been geologically and	Logging is qualitative in nature based on feld observations.
	geotechnically logged to a level of detail to support appropriate
	Mineral Resource estimation, mining studies and metallurgical
	studies.
Sub-sampling	If core, whether cut or sawn and whether quarter, half or all core	No Core
techniques	taken.	Rock chip samples collected from in situ sub-crop/outcrop via
and sample	If non-core, whether rifed, tube sampled, rotary split, etc and	geology pick and placed into numbered calico bags.	Sample
preparation	whether sampled wet or dry.	weight 2 - 3 kg. Collected samples bags placed in labelled and numbered plastic and/or polyweave bags for despatch/drop of to
	For all sample types, the nature, quality and appropriateness of the	assay laboratory.
	sample preparation technique.
		The sample preparation of the samples follows industry best
	Quality control procedures adopted for all sub-sampling stages to	practice, involving oven drying and pulverising to produce a
	maximise representivity of samples.	homogenous sub sample for analysis.
	Measures taken to ensure that the sampling is representative of	Representative sampling of material demonstrating	uniform
	the in situ material collected, including for instance results for feld	lithology and textural/structural characteristics. Internal laboratory
	duplicate/second-half sampling.	standards completed.
	Whether sample sizes are appropriate to the grain size of the	Sample sizes are appropriate for the grainsize of material being
	material being sampled.	sampled.

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Criteria	JORC Code Explanation	Comments
Quality of	The nature, quality and appropriateness of the assaying and	Samples were submitted for multi-element lithium suite
assay data	laboratory procedures used and whether the technique is considered partial or total.	analysis by Bureau Veritas (Perth) with up to 43 elements including REEs using lab method PF102 following the Sample
and laboratory		Preparation (Code PR103 & PR303) outlined above. This
tests	For geophysical tools, spectrometers, handheld XRF	technique is considered appropriate for lithium analysis.
	instruments, etc, the parameters used in determining the
	analysis including instrument make and model, reading times,	Multi-element assays included the following elements: Ag,As,
	calibrations factors applied and their derivation, etc.	Ba,Be,Bi,Cd,Ce,Co,Cs,Cu,Dy,Er,Eu,Ga,Gd, Ge, Ho, In, K, La,
		Li,Lu, Mo, Nb, Nd, Ni, Pb, Pr, Rb, Re, Sb, Sc, Sm, Sn,Sr,Ta, Tb,
	Nature of quality control procedures adopted (eg standards,	Th, Tl, Tm, U, W,Y and Yb.
	blanks, duplicates, external laboratory checks) and whether
	acceptable levels of accuracy (ie lack of bias) and precision	No geophysical tools were used in the rock chip analysis.
	have been established.
		Quality control process and internal laboratory checks
		demonstrate acceptable levels of accuracy. At the laboratory,
		regular assay repeats, lab standards, checks and blanks were
		analysed.
Verifcation of	The verifcation of signifcant intersections by either independent	NA Rock chip samples only.
sampling and	or alternative company personnel.	NA Rock chip samples only.
assaying	The use of twinned holes.
		Data hardcopy record in feld transferred to digital and uploaded to
	Documentation of primary data, data entry procedures, data	secure database.
	verifcation, data storage (physical and electronic) protocols.
		No adjustment to assay data.
	Discuss any adjustment to assay data.
Location of	Accuracy and quality of surveys used to locate drill holes (collar	Rock chip locations were surveyed using a hand- held Garmin
data points	and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	GPS64s with a horizontal (Easting/ Northing) accuracy of +-5m.
		Grid System – MGA94 Zone 50.
	Specifcation of the grid system used.
		Topographic elevation captured by using reading from Garmin
	Quality and adequacy of topographic control.	handheld GPS with an accuracy of+- 5m and considered suitable
		for the fat terrain of the project area.
Data spacing	Data spacing for reporting of Exploration Results.	Selective sampling dependent on suitable outcrop/sub-crop.
and distribution	Whether the data spacing and distribution is sufcient to	Limited reconnaissance rock chip sampling not applicable to Mineral Resource or Ore Reserve estimation procedures(s).
	establish the degree of geological and grade continuity
	appropriate for the Mineral Resource and Ore Reserve	No sample compositing applied.
	estimation procedure(s) and classifcations applied.
	Whether sample compositing has been applied.
Orientation of	Whether the orientation of sampling achieves unbiased	Rock chip sampling only and samples selected from limited
data in relation	sampling of possible structures and the extent to which this is known, considering the deposit type.	sub-crop/outcrop areas.
to geological		NA Rock chip sampling only.
structure	If the relationship between the drilling orientation and the
	orientation of key mineralised structures is considered to have
	introduced a sampling bias, this should be assessed and
	reported if material.
Sample	The measures taken to ensure sample security.	Samples were bagged up in labelled and numbered polyweave
security		bags and delivered by Company authorised personnel or reputable freight contractor to the laboratory in Perth. Samples
		were then sorted and checked for inconsistencies against
		lodged Submission sheet by laboratory staf.
		Following analysis, the sample pulps and residues are retained
		by the laboratory in a secure storage yard.
Audits or	The results of any audits or reviews of sampling techniques and	All sampling and analytical results of the geochemistry rock
reviews	data.	chip program were reviewed by the Exploration Manager and technical director.
		No specifc audits or reviews have been conducted.

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SECTION 2: REPORTING OF EXPLORATION RESULTS

Criteria	JORC Code Explanation	Comments
Mineral	Type, reference name/number, location and ownership	The PAYNE’S FIND PROJECT, located to the north and east of
tenement and	including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title	the Payne’s Find township in the Murchison region, Western Australia, consists of the following tenements E59/2660,
land tenure	interests, historical sites, wilderness or national park and	E59/2661, E59/2662, E59/2679, E59/2701 & ELA59/2680
status	environmental settings.	(Application). All tenements are held 100% by Charge	Metals
		Pty Ltd, a 100% owned subsidiary of Golden State	Mining
	The security of the tenure held at the time of reporting along	Limited.
	with any known impediments to obtaining a licence to operate
	in the area.	At time of writing, the granted tenements have expiry dates
		ranging between 22/03/2027 and 21/08/2027. For granted
		tenements E59/2660, E59/2661, E59/2662 and E59/2701,
		Native Title is Extinguished by Native Title Determination.
Exploration	Acknowledgment and appraisal of exploration by other parties.	Limited, unsystematic historic exploration including	desktop
done by other		studies, laterite, rockchip and soil sampling has been completed on parts of the Payne’s Find project by the following explorers:
parties
		WAMEX_NO COMPANY	YEAR
		A38631 CRA Expl	1993
		A41119 CRA Expl	1994
		A41266 Capricorn Res	1993
		A73582 Equigold	2006
Geology	Deposit type, geological setting and style of mineralisation.	The priority target is pegmatitic hosted lithium-caesium-tantalum
		mineralisation associated with greenstone and granitoid
		intrusives. Also targeted is Archaean gold and base-metal
		mineralisation.
Drill hole	A summary of all information material to the understanding of	NA Rock chip sampling only
Information	the exploration results including a tabulation of the following information for all Material drill holes:
	easting and northing of the drill hole collar
	elevation or RL (Reduced Level. - elevation above
	sea level in metres) of the drill hole collar
	dip and azimuth of the hole
	down hole length and interception depth
	hole length.
	If the exclusion of this information is justifed on the basis that
	the information is not Material and this exclusion does not
	detract from the understanding of the report, the Competent
	Person should clearly explain why this is the case.
Data	In reporting Exploration Results, weighting averaging techniques,	No top-cuts have been applied when reporting results.
aggregation methods	maximum and/or minimum grade truncations (eg cutting of high grades) and cut-of grades are usually Material and should be stated.	NA for rock chip samples.
		No Aggregate sample assays are reported.
	Where aggregate intercepts incorporate short lengths of high
	grade results and longer lengths of low grade results, the	Anomalous values based on >100 ppm Li.
	procedure used for such aggregation should be stated and some
	typical examples of such aggregations should be shown in detail.	No metal equivalent values have been applied for reporting of
		results.
	The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
Relationship	These relationships are particularly important in the reporting of	NA as rock chip sampling only
between	Exploration Results.
mineralisation	If the geometry of the mineralisation with respect to the drill hole
widths and	angle is known, its nature should be reported.
intercept	If it is not known and only the down hole lengths are reported,
lengths	there should be a clear statement to this efect (e.g. ‘down hole length, true width not known’).

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Criteria	JORC Code Explanation	Comments
Diagrams	Appropriate maps and sections (with scales) and tabulations of	Appropriate summary diagrams are included in the
	intercepts should be included for any signifcant discovery	announcement.
	being reported. These should include, but not be limited to a
	plan view of drill hole collar locations and appropriate sectional
	views.
Balanced	Where comprehensive reporting of all Exploration Results is	All analytical results tabled in main body of report.
reporting	not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading
	reporting of Exploration Results.
Other	Other exploration data, if meaningful and material, should be	Previous explorers’ regional geochemistry data of limited
substantive	reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk	value and restricted to areas away from recent this recent reconnaissance rock chip sampling program.
exploration data	samples – size and method of treatment; metallurgical test
	results; bulk density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	substances.
Further work	The nature and scale of planned further work (eg tests for lateral	Further work planned includes the planning of frst pass
	extensions or depth extensions or large- scale step-out drilling).	Air-core (‘AC’) drilling following the receipt of soil sampling
		work recently completed.
	Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling
	areas, provided this information is not commercially sensitive.

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